Covid – 19 has spooked one and all, from businesses and policy makers to economists and central banks, and led to a disruption of global value chains. But on the up side, as it is always said, every cloud has a silver lining, this article puts light on how this pandemic can prove to be a silver linning to india for manufacturing front and how it can make india stand out as one of the toughest countries that fought this era with courage.
Manufacturing Diversification towards India:
This unfortunate event has caused significant disruption to economic activity across the world as nations enforce lockdowns. China has been the biggest exporter of steel, chemicals, toys rare earths, mobiles electronics, garments bulk drugs and many other items in the world. Shutdown of manufacturing, transportation and shipping in various countries has disrupted supply chains of raw materials and end use products. Most of the companies worldwide have realized the risk of depending too much on one country for their sourcing needs.
Hence, there Is a scope for further diversification, which can result in better manufacturing opportunities for india leading to skill enhancements and job creation.
Important team player during Covid 19 :
India is the world’s largest manufacturer of hydroxychloroquine (HCQ), producing nearly 70 percent of the world’s supply. In efforts to curb virus by China, it demonstrated that anti malarial drug shortened the duration and reduced the severity of cough, fever and pneumonia in patients with mild and moderate disease. This relief has turned the world towards India and has made it an integral part of defence system towards Covid 19.
When successfully supplied to all required nations, india will prove to be an important team player in this crisis, strengthen India’s trust among other nations not for just during Pandemic but even for world economy after it.
The current scenario will not only help India in building better relations with other nations but also within the nation. All states are fighting against the pandemic together and hence, unity between state governments has enhanced.
To conclude, while the virus has affected the economy drastically, it will also help create more job opportunities and growth of new industries in the market. It can be taken as an opportunity to explore new business horizons.